Afterword by Peter G. Klein
Austrian economists are justifiably proud of the rich heritage handed down by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Murray Rothbard, and their contemporaries, and Austrians are keenly interested in the origin and development of their ideas. An appreciation for history has led some modern economists, mistakenly, to see the Austrian tradition as static, rigid, and backward-looking, focused on the achievements of the past rather than discoveries and new developments.
13. Prospects for Interdisciplinary Engagement with International Relations by J. Patrick Rhamey, Jr.
Throughout* his career, Dr. Salerno has sought to expand the influence of Misesian scholarship, not only through his own research, but also classroom engagement, graduate student mentorship, and the education of the general public.
Last month, Fortune magazine’s cover story considered how we are now living in the age of unicorns, given that at least 80 start-ups have achieved this status. This is an increase from the 39 unicorns that existed as recently as November 2013. Note that Google never achieve unicorn status before it went public in 2004.
12. Economic Policy and Entrepreneurship: Alertness or Judgment? by Matthew McCaffrey
A* serious interest in the entrepreneur is often considered a defining characteristic of the Austrian school. This attention is evident in its prehistory, in the writings of Richard Cantillon, Jean-Baptiste Say, and others (Hébert 1985; Hébert and Link 1988), and also in Carl Menger’s foundational Principles of Economics (1871).
I was deeply honored — and completely surprised — to have this handsomely produced Festschrift presented to me at the Austrian Economics Research Conference yesterday. I was ecstatic to see that the chapters were not fluff pieces but substantive contributions to Austrian economic theory and political economy inspired by my work. Thanks to my Mises summer fellows who participated in the project.
Mises Daily Wednesday by Peter Wong:
Oil prices have fallen largely due to economic and political realities in China and the US. The resulting correction is a good thing, and, in spite of what many panicky central bankers think, falling oil prices are a good thing.
John V. Denson’s A Century of War (2006) is an important contribution to revisionist history. In the book, Judge Denson analyzes the provocative policies of Abraham Lincoln, Woodrow Wilson, and Franklin Roosevelt. Each of these presidents concealed from the public his bellicose intentions. The book attracted the attention of Gerd Schultze-Rhonhof, a retired Major General in the German Army and the author of 1939: The War That Had Many Fathers.
There are many risks to the dollar out there, but a more valuable euro isn’t one of them. In a world of free-floating fiat currencies, currency value is mostly relative. Thus, the dollar might have faced stiff competition from the euro if the ECB were not committed to its own version of quantitative easing. In other words, the ECB’s devotion to doing “whatever it takes” to keep the easy money flowing has pushed the euro back down to an almost one-to-one exchange rate, after having peaked at nearly $1.60 per euro back in 2008.
11. Knowing and Entrepreneurship by Mateusz Machaj
We* understand knowledge as an acquaintance with various facts and natures of objects in the real world. By studying and investigating aspects of our lives we get to “know” certain things and we classify these inquiries into disciplines. We can widen knowledge in total by different methods.
